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GBP/USD Technical Analysis For 16Th September 2015, H4

GBP/USD Technical Analysis For 16Th September 2015, H4 | 16 September 2015

16 September 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a slight bearish bias. the pair successfully closed below the key level 1.5399, and is currently trading below it. As long as the pait trades below the range 1.5399 and 1.5369, short positions are ideal. However, traders going short on this pair should wait for the current wave to rally upwards and close at 1.5369 before going short. Traders trading this pair must observe other pairs such as GBP/CAD, EUR/USD, and GBP/NZD. These pairs have a had a strong positive correlation with GBP/USD of upto +0.96. Thus, buy or sell GBP/USD, if all the other pairs are giving the same signal.

Trade Recommendations:

If you haven't sold the pair already, then wait for it to bounce off at 1.5369, then sell. Any clear movements above 1.5399 will signal further movements to the upper side.

Bob Stan
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